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    302 State St Salem, OR 97301

    For Sale
    Contact for pricing

    Multi-tenant office building in Salem's Central Business District.

    Property size:
    51,384 SF
    Lot size:
    0.68 Acres

    Property Features for 302 State St

    General Information

    Size
    51,384 SF
    Lot size
    0.68 Acres

    Source: Cushman & Wakefield | Portland Agent Gary Griff

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Salem Office Building For Sale

    This office building, located in Salem's Central Business District, offers a total area of 51,384 square feet. Constructed in 1869 and fully remodeled in 1966 with subsequent periodic upgrades, the property includes three floors, with a fully improved basement. The building is situated on a 29,621 square foot (0.68 acre) lot and features a surface parking lot with 28 spaces. Zoned CB (Central Business District), the property benefits from a solid office market with a 6.8% vacancy rate as of mid-year 2024. A national credit, Fortune 500 company is set to lease back 9,857 square feet for 7 years, with four 5-year options, leaving 41,527 square feet available for an owner/user or lease up. The location provides convenient walkability to the State Capital Mall, County Courthouse, Riverfront Park, hotels, restaurants, entertainment venues, and major retail areas. The average daily traffic count at State Street and Commercial Street is 46,703. The tax valuation for 2024 is $6,544,620.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    U.S. Bancorp Investments ... Financial Planner U.S. Bank-Angie J ... Mortgage Lender U.S. Bank Branch Bank U.S. Bank-Aaron Garcia-Mortgage ... Mortgage Lender U.S. Bancorp Investments ... Financial Planner

    Suggested Use

    Restaurant Realty agency Building Supply Dental Office Law Firm Wholesale Shop Auto Repair Shop Spa & Massage Hair Salon Hotel & Motel

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Salem
    County
    Marion
    State
    Oregon
    Longitude
    -123.0402658
    Latitude
    44.9400871

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    FAQs

    What type of property is this?
    Office building - Multi-tenant office building in Salem's Central Business District.
    Where is this office building located?
    The property is located at 302 State St Salem, OR.
    What are key features of this property?
    This property features: - National Credit, Fortune 500 company leaseback of 9,857 SF for 7 years with four 5-year options.; - 41,527 SF available for Owner/User or Lease Up.; - Prime location walkable to State Capital Mall, County Courthouse, Riverfront Park, hotels, restaurants, entertainment, and major retail.
    (503) 279-1700
    Request Owner's contact information
    302 State St Salem, OR 97301
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    Salem, OR 97301
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    302 State St Salem, OR 97301
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